Yesterday, the Senate narrowly voted (51-48) to raise taxes on 1.2 million small businesses, which will likely kill more than 700,000 jobs at a time when nearly 13 million Americans are out of work. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) joined all Republicans in bipartisan opposition to the tax hike.

This is President Obamas economic plan. This is what he asked Congress to do. And he recently told a fundraising crowd that his economic plan has been working.

But Obamas Treasury Secretary, Timothy Geithner, said yesterday that the economy is not growing fast enough, acknowledging that unemployment is very high. The institutions with authority should be doing everything they can to try to make economic growth stronger, he said.

The Presidents plan, now endorsed by the Democratic majority in the Senate, has little chance of going anywhere in the House of Representatives. But it has put the 51 Senators who want to raise taxes on record.

Perhaps the biggest lie in the tax debate is that this vote affects only the rich. Thats simply not true. Many small businesses, known as flow-through businesses, pay their taxes through the individual income tax. Ernst and Young estimates that these types of businesses employ 54% of the private sector work force. This tax hike squarely hits 1.2 million of these businesses that hire workers and have incomes above $200,000.

Rather than punishing just the rich, as Heritages Curtis Dubay notes, By pinpointing his tax increase on incomes over $200,000, President Obama has maximized the detrimental impact that his tax increase would have on job creation.

The Ernst and Young study on the impact of this tax hike showed that it could kill more than 700,000 jobs. This isnt surprising, since the businesses it targets are some of the countrys most robust job creators. But it is surprising that a majority of the Senate would go along with this plan when the country is suffering from 8.2 percent unemployment.

As if that werent enough, the Senates actions would also raise the death tax from 35 percent to 55 percent. This confiscatory rate would hit small businesses and family farms exceptionally hard. Dubay explains:

The death tax is often portrayed as a tax that only rich heirs pay. In reality, the death tax hits family-owned businesses hardest. These businesses are valuable on paper because they have many assets that they need to make and sell their products. But the businesses book values are not representative of the families liquid assets. When a family member passes on, these families often have to sell all or part of the business to raise the cash to pay the death tax. This slows the growth of these businesses and in some cases forces them to lay off existing workers.

The Senates vote means we are no closer to preventing Taxmageddon, the nearly $500 billion tax increase scheduled to hit Americans on January 1. It is difficult to imagine the economy sustaining such a blow. Families will be hit with an average tax increase of more than $4,100 next year if Congress allows this to go forward. Instead of preventing this calamity, the Senate voted to raise taxes. It simply boggles the mind.

Read up on Saul Alinski. He believed (and Oboma taught) that the best way to form a communist government is to destroy the middle class. If the left could impoverish the middle class enough, the middle class would then join those who are totally dependent on the federal government, and the communist revolution would be complete.

This is why Oboma is saying his economic plans have worked. More people are dependent on the federal government under Oboma than any time in American history. This is the "change" he was talking about. This is his attempt to ceate the communist revolution the left has been waiting for since FDR.

“At the age of 71 I was unable to find work. So I created a job for myself.
I purchased a failing franchise business called GoinPostal. My son & I will run it & we will succeed despite what the gubmint does to us. This is still a free society where you work to succeed. So far.
I say SCREW EM.”

She’s smart enough to by the half-a^%ed Liberal logic, but not smart enough to consider that alternatives exist or to challenge what isn’t working. It’s pathetic because she’s a really nice girl, otherwise.

It’s typical I think.

They have been so conditioned by Liberal BS that looking at things any other way (even IF alternatives would work FOR them) that they won’t consider another point of view.

37
posted on 07/26/2012 9:47:32 AM PDT
by SMARTY
("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)

Raising taxes does NOT bring in more government revenue. Thats the Big Fallacy all along.

Only if the rates are low. We are way past the point of diminishing returns. See the Laffer Curve. Any talk of the government needing more "revenue" grates on me. I despise that word, I think of it as "loot". They are already taking much more than their fair share.

39
posted on 07/26/2012 10:21:12 AM PDT
by BitWielder1
(Corporate Profits are better than Government Waste)

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